The Cheapest Mustang Across All Generations

The Ford Mustang has stood as a symbol of American automotive culture since it first rolled off the production line in 1964. It’s an icon, the first pony car, the car that started the ball rolling in the horsepower war that would soon follow and has remained a consistent presence ever since. Everybody loves a Mustang GT with its big, burly V8, and over the years the company has consistently upped the ante with Cobra, Bullit, Boss 302, Hertz, and Shelby variants that have knocked the socks off of cars two to three times their price and likely soiled a few pants along the way.

But the Mustang isn’t just about big horsepower and street presence. It’s meant to be an aspirational model that’s accessible to your average American, and to cater to everyone’s needs, the company has always offered affordable versions that have all the style the Mustang should have sans the tire-shredding performance. These base models are the entrance to the Mustang badge, and what they lack in power they make up for in timeless appeal.

We’ve compiled a list of the cheapest Mustang models from every generation, listing them in order from newest to oldest. While the prices may have increased over the years, they’ve all presented great deals in their times.

7 Seventh Generation S650 (2024–Present)

EcoBoost Fastback

The newest generation of the Mustang continues the tradition introduced by the previous generation of offering a turbocharged four-cylinder engine in the base EcoBoost model. It’s the same engine, in fact, but this time around, the turbocharged 2.3-liter powerplant delivers an impressive 315 horsepower, making it the most powerful base model Mustang in history, but your only transmission option is the 10-speed automatic, since the manual option from the previous generation has been dropped.

It’s still pretty quick, capable of hitting 60 mph in as quick as 4.5 seconds with 330 hp thanks to the Performance Pack, but from there the GT will easily pull away. What this sports car offers is enough grunt for the well-balanced chassis. The exterior looks are still a highlight, and on the inside, you still receive plenty of amenities, like a large 13.2-inch touchscreen with pretty cool graphics and well-placed buttons to handle most everything else. It’s a great entry-level sports car, and should definitely be on your shortlist if you’re considering competitors like the Mazda MX-5 Miata or BRZ/GR86 twins.

6 Sixth Generation S550 (2015–2023)

EcoBoost Fastback

The introduction of the EcoBoost trim in the sixth generation marked a major shift for the Mustang, and let’s just say reactions were mixed. Many felt the idea of a four-cylinder engine from the Focus RS in a Mustang was sacrilegious (despite it not being the first), and constantly denigrated the model throughout its life because of it. That didn’t stop Ford from improving it, however, and by the end, many staunch objectors had been won over by the EcoBoost models after seeing the type of performance possible from the engine and how well it combined to complement the chassis.

The 310 horsepower was respectable, and it could even be improved thanks to a High-Performance Pack that boosted power to 330 hp after 2019. This was the first Mustang to prove to the world that the Mustang could truly be a driver’s car, and the inclusion of a manual transmission option on the base model cemented this. Yes, the interior and looks do seem a bit dated at this point, but overall it’s aged well, and it raised the bar for all the base model Mustangs to follow.

5 Fifth Generation S197 (2005–2014)

V6 Standard

It’s hard for us to appreciate just how big of a deal the fifth-generation Ford Mustang was when it first debuted in 2005. In a time when retro designs were all the rage, the new Mustang was a retro home run, with great proportions and enough modern appeal to keep it from being just another cliché throwback design. Continuing with the tradition of the past couple of Mustang generations, this car’s base model was bare but offered things like power windows, power mirrors, keyless entry, a CD player, and 16-inch aluminum wheels.

Power came from the 4.0-liter Cologne V6, and it wasn’t inspiring, putting out only 210 horsepower through either a 5-speed manual or automatic. This was increased substantially after the car received a comprehensive refresh in 2010 that saw the base engine change to a far more modern 3.7-liter Duratec V6 that pushed out a much more significant 305 horsepower. While not highly coveted today, they do present themselves as particularly cheap performance options with tons of upgrade potential.

4 Fourth Generation SN95 (1994–2004)

V6 Standard

The fourth-generation Mustang saw a significant design overhaul, moving away from the boxy, angular looks of the previous Fox-body Mustang. While there was plenty of controversy circling the car’s development, the final result was mostly agreeable, if a bit soft at first. This is when “base model” really meant “base model”, however. It came with features like dual airbags, three-point seatbelts, an AM/FM radio with a cassette player, and manual air-conditioning, but other standard features were added as the years wore on.

It started off life with the 3.8-liter Essex V6 that produced a measly 145 horsepower but a respectable 215 lb-ft of torque. Much later in its life, this engine was revised and increased to 3.9 liters, but the power was the same. Mated to either a 5-speed manual or 4-speed automatic, this wasn’t the vehicle you ordered for performance. Thanks to the “New Edge” update in 1999, the latter models have a much different feel to them compared to the early ones, but all of them look better than the contemporary Chevrolet Camaro.

3 Third Generation (1979–1993)

L Trim

The third generation Mustang was once again a big change for the brand as the company grappled with attempting to create a model that would satisfy enthusiasts along with the growing desire for more fuel-efficient vehicles. It debuted with more aerodynamic styling (at least for the time), which allowed it to achieve this goal, but it also made it blend in further with the basic cars of the day. Sitting on the Fox-body platform didn’t help, since this was also shared with other Ford models like the Fairmont.

The base trim was just called the L, and it featured a fuel-efficient, but extremely underpowered Lima 2.3-liter naturally aspirated four-cylinder engine that only produced a mere 88 horsepower with a 4-speed manual as the only option. This model was available as either a 2-door or a 3-door, and options were sparse to keep prices down. The model featured more standard features over the course of its life, and later L models could even be optioned with a turbocharged Lima engine or a naturally aspirated V8, upping its appeal.

2 Second Generation (1974–1978)

Standard Mustang

The second-generation Mustang, also known as the Mustang II, is a controversial vehicle. It’s controversial because it decided to forgo all the performance and sleek looks that made it famous in favor of Malaise Era designs and uninspiring powertrains in order to capture a larger audience. In that respect, it worked, because the model was a hot seller right out of the gate, even garnering awards from across the automotive industry, but there was this feeling from genuine Mustang enthusiasts that the model had forgotten about them, and Ford is fortunate it didn’t have any lasting repercussions. We even did a “What the hell were they thinking?” segment on it all the way back in 2014.

As far as the base model went, it wasn’t much, but it was practical. Sold in two-door and three-door body styles, it was smaller than the previous generation thanks to sitting on a version of the Pinto platform. It came with a bunch of fancy things like a 4-speed manual transmission, temperature gauges, low-black vinyl seats, wheel covers, and impact-resistant bumpers, and with a low price and the Mustang name, there was little it couldn’t do.

1 First Generation (1965–1973)

Standard Mustang

The Mustang that started it all, the first-generation vehicle, introduced the world to an icon. Its sleek looks, whether in fastback or hardtop body style, were perfectly proportioned and just the right car to capture the hearts and minds of Americans in the 1960s. Even the base model had a lot to offer, particularly thanks to its sub-$2,500, packed with a 104 horsepower inline-six and a 3-speed manual transmission.

This was the 1960s, so many amenities that we take for granted today were a complete afterthought back then. If you were lucky enough to find yourself in a brand-new, first-generation Ford Mustang, you’d be greeted with features like a padded instrument panel, vinyl seats, wheel covers, sport steering wheel, cigarette lighter, glove box light, and even front armrests. While a great deal then, even these base models fetch a pretty penny today, as a testament to the nameplate’s success.

Sources:


Ford Heritage
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